By Reuters Staff
2 Min Read
FILE PHOTO: People walk during the morning rush hour in the Canary Wharf amid the outbreak of the coronavirus disease (COVID-19) in London Britain, October 15, 2020. REUTERS/Hannah McKay
LONDON (Reuters) - British workers’ average hourly output rose by 0.4% last year, despite a fall of nearly 10% in total production due to the coronavirus pandemic, as lower-paid jobs bore the brunt of COVID lockdown measures.
Britain’s Office for National Statistics said the productivity impact of last year’s economic collapse - the biggest in more than 300 years - differed from the 2008-09 financial crisis due to the types of jobs affected.
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(Reuters) -Wells Fargo & Co bounced back to a profit of almost $5 billion in the first quarter of 2021, ahead of Wall Street estimates as it reduced bad loan provisions and got a grip on the costs tied to its sales practices scandal.
FILE PHOTO: A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo
The fourth-largest U.S. lender cut its allowance for credit losses by $1.6 billion, reflecting improving sentiment as an ultra-loose monetary policy, trillions in stimulus support and an accelerated vaccination program put the world’s largest economy on a more solid footing.
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(Reuters) -JPMorgan Chase & Co’s first-quarter results on Wednesday laid bare the challenge big banks face in this phase of the pandemic, where stimulus programs have left individuals and businesses in good financial shape but so flush with cash that few of them need loans.
FILE PHOTO: A J.P. Morgan logo is seen in New York City, U.S., January 10, 2017. REUTERS/Stephanie Keith/File Photo
The biggest U.S. bank sailed past Wall Street expectations by reporting a nearly 400% increase in quarterly profit. The gains came from JPMorgan releasing more than $5 billion it had set aside to cover potential coronavirus loan losses that have not materialized, as well as a continued boom in capital-markets activity.
Hungary will allow restaurant terraces to re-open once 3.5 million people, about a third of the population, are inoculated against COVID-19, a target expected to be hit sometime next Wednesday or Thursday, Prime Minister Viktor Orban said.
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HANOI, April 14 (Reuters) - Vietnam’s first domestic car manufacturer, VinFast, said on Wednesday it is considering various fund raising opportunities and investments, including an equity investment via a special-purpose acquisition company (SPAC) or an IPO.
Vinfast, a unit of Vietnam’s largest conglomerate Vingroup JSC, said in a statement “any potential fundraising will be subject to different factors such as market conditions.”
The comments came after sources told Reuters on Monday that Vingroup was considering an initial public offering (IPO) in the United States for VinFast in a deal that could value the carmaker at about $60 billion.